| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 297.8 | 22.0% | 77.7% | 3.96% fxd | 0.30 | 2027-07-15 | A-1+ | F1+ |
| Class A-2 | 451.7 | 33.4% | 44.4% | 4.36% fxd | 1.17 | 2029-10-15 | AAA | AAA |
| Class A-3 | 451.7 | 33.4% | 11.0% | 4.60% fxd | 2.76 | 2031-09-15 | AAA | AAA |
| Class A-4 | 81.8 | 6.0% | 4.9% | 4.67% fxd | 3.97 | 2032-10-15 | AAA | AAA |
| Class B | 23.7 | 1.7% | 3.2% | 4.87% fxd | 3.98 | 2032-10-15 | AA | AA |
| Class C | 25.7 | 1.9% | 1.3% | 5.00% fxd | 3.98 | 2032-10-15 | A | A |
| Class D | 17.6 | 1.3% | 0.0% | 5.36% fxd | 3.98 | 2033-07-15 | BBB | BBB |
| Sponsor | CarMax Business Services, LLC |
|---|---|
| Servicer | CarMax Business Services, LLC |
| Depositor / Transferor | CarMax Funding |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Barclays Capital, Wells Fargo Securities, TD Securities, Scotia Capital, Mizuho Securities, U.S. Bancorp Investments |
| CAOT 2026-3 | CAOT 2026-2 | CAOT 2026-1 | CAOT 2025-4 | CAOT 2025-3 | CAOT 2025-2 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-07-22 | 2026-04-29 | 2026-01-28 | 2025-10-22 | 2025-07-23 | 2025-05-02 |
| Pool balance | $1,353.4MM | $1,180.9MM | $1,306.5MM | $1,306.5MM | $1,457.3MM | $1,410.6MM |
| WA Credit Score | 765+6 | 764 | 760 | 759 | 758 | 758 |
| WA APR | 8.41%−0.79pp | 8.65% | 8.73% | 9.40% | 9.20% | 9.30% |
| WA original term mo | 67.1+0.6 | 67.1 mo | 67.1 mo | 66.2 mo | 66.5 mo | 66.4 mo |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Reserve % | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.75% |
| Geo top-3 | CA 18.2% TX 10.4% FL 6.5% | CA 18.5% TX 10.5% FL 7.1% | CA 17.6% TX 10.1% FL 6.8% | CA 17.2% TX 9.8% FL 6.7% | CA 17.4% TX 9.6% FL 7.3% | CA 17.8% TX 9.9% FL 7.6% |
| Structure (at issuance) | ||||||
| AAA spread | — | +45 bps | +37 bps | +41 bps | +37 bps | +69 bps |
| AAA % of pool | 72.8%−2.9pp | 77.1% | 70.9% | 77.0% | 75.7% | 74.6% |
| Subordination below AAA | 4.9%+0.6pp | 4.6% | 4.4% | 4.0% | 4.1% | 4.6% |
| OC (initial) | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.75% |
| OC target | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.75% |
| OC floor | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.75% |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Tranches | 7 | 8 | 8 | 8 | 8 | 8 |
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
| CAOT 2026-3 | TAOT 2026-C | GMCAR 2026-3 | FCAOT 2026-B | HART 2026-B | NAROT 2026-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-07-22 | 2026-07-21 | 2026-07-15 | 2026-06-23 | 2026-06-17 | 2026-05-27 |
| Pool balance | $1,353.4MM | $2,023.1MM | $1,078.8MM | $1,655.3MM | $2,408.5MM | $1,394.8MM |
| WA Credit Score | 765−9 | 771 | 781 | 752 | 774 | 787 |
| WA APR | 8.41%+3.24pp | 5.36% | 5.93% | 5.07% | 5.17% | 4.44% |
| WA original term mo | 67.1+0.9 | 66.0 mo | 70.0 mo | 66.4 mo | 65.8 mo | — |
| % new vehicles | 0.0% | 87.5% | 80.8% | 92.6% | 99.8% | 10.9% |
| Reserve % | 0.25% | 0.25% | 0.25% | 0.24% | 0.25% | 0.25% |
| Geo top-3 | CA 18.2% TX 10.4% FL 6.5% | CA 24.2% TX 16.3% IL 3.9% | TX 14.4% FL 6.8% CA 6.7% | TX 17.3% CA 8.7% FL 8.5% | TX 13.0% FL 9.9% CA 8.5% | FL 6.8% CA 6.3% GA 3.7% |
| Structure (at issuance) | ||||||
| AAA spread | — | +31 bps | +30 bps | +14 bps | +36 bps | +43 bps |
| AAA % of pool | 72.8%−0.7pp | 91.6% | 73.5% | 90.6% | 67.0% | 69.5% |
| Subordination below AAA | 4.9%+1.9pp | 2.3% | 3.0% | 4.8% | 4.5% | 2.8% |
| OC (initial) | 0.25% | 0.85% | 2.75% | 2.00% | 3.00% | 1.00% |
| OC target | 0.25% | 0.85% | 2.75% | 2.00% | 3.00% | 1.00% |
| OC floor | 0.25% | 0.85% | 2.75% | 2.00% | 3.00% | 1.00% |
| YSOC | n.a. | 6.08% | 3.18% | 4.61% | 6.86% | 8.14% |
| Tranches | 7 | 6 | 7 | 7 | 7 | 7 |
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
Left: per-series cumulative NET loss at matched seasoning 10-D (10-D servicer distribution reports). IQR band uses a fixed cohort of all peer series with ≥18 months of data (267 series across 22 issuers). Right: portfolio-level 60+ DQ rate aggregated across all active deals per issuer (calendar time, last 3 years), from ABS-EE loan-level data ABS-EE.
CarMax Business Services, LLC — ticker CAOT.
Peer tier: prime.
Open in Explorer ↗ for
FICO sub-band and new/used stratification.